Experts blast fuel price increase TUOITRENEWS    Local consumers were Thursday shocked by an unexpected fuel price hike released by the industry and trade and finance ministries, which insiders blasted for not being imposed under any market rules. Starting at 8pm yesterday, the A92 gasoline price was hiked by as much as VND1,430 a liter to a record VND24,580 a liter. The diesel price went up by VND352 a liter to VND21,912 a liter. “I have no idea why the ministries are able to manage fuel prices in such an unprecedented way,” said an expert with knowledge of the fuel market, who said he was astounded to learn of the price hike. “At a time when global prices have been on a decline and China decided to slash fuel prices on Wednesday, what we did was to increase prices,” he said. Economic expert Ngo Tri Long, meanwhile, said the decision is unfair to consumers. “The price increase is unexpected, abnormal, and it went against the global trend and failed to follow any market rules,” Long argued. “It’s dangerous to manage prices that way.” Pressure to hike fuel prices started to grow in early February, but the finance ministry had decided to maintain prices three times until the Thursday announcement. Instead, the ministry allowed fuel wholesalers to deduct from the fuel price stabilization fund to help them recoup losses. The fund is contributed to by consumers as part of the fuel retail prices are added to the fund. “Now prices were sent to a record high because the stabilization fund ran out,” Long explained. “So why did the fund run out? Because the ministry has allowed wholesalers to overuse it,” he added. Le Dang Doanh, another economic expert, pressed that consumers will suffer doubly following the new price increase. Prior to the hike, consumers had to contribute to the stabilization fund, while the wholesalers enjoyed profits, and consumers now have to pay an additional VND1,430 for every liter of gasoline, he elaborated. Doanh said the ministry has proven that it favors the benefit of wholesalers over consumers. “All price adjustments -- using the price stabilization fund or hiking prices -- would only benefit the wholesalers,” he said. Doanh said the finance and industry and trade ministries have to be responsible for the wholesalers’ abuse of the price stabilization fund. “The heads of these ministries must be questioned at the National Assembly meeting, and the Consumer Protection Association should also voice their protests,” he concluded, adding that the state auditing authorities should also look into the issue. The Thursday price hike was the first fuel price adjustment since November 2012, when the A92 gasoline retail price was cut by VND500 to VND23,150 a liter. Fuel retail prices were hiked six times in 2012, gaining a combined VND6,050 a liter. There were also six price cuts, but worth a total of only VND3,700 a liter. The last highest-ever price was VND23,800 a liter, imposed on April 20, 2012.